ERM Annual Review 2008 - (Page 1) Chairman’s Statement Peter T. Regan Chairman 2007 was a year of exceptional performance and continuing change at ERM. We achieved our highest-ever growth in the past year, growing earnings by 23% and revenue by 19%. As part of our long-term succession planning, I was elected to the role of Chairman and John Alexander was named ERM’s Chief Executive Officer. Robin Bidwell remains a Director of the firm and has focused his attention on expanding the reach and contributions of the ERM Foundation. In this review, we highlight the extraordinary contributions that our People make in addressing our clients’ rapidly changing and expanding needs. Our consultants around the world continue to deliver innovative and sustainable solutions – the platform for our firm’s continuing growth and evolution. “ Our clients are looking in greater depth at potential business strategies that are more sustainable and climate conscious.” A Year of Contrasts The last year has been marked by economic uncertainty. The credit crunch has disrupted many markets and created new challenges for our clients. As a result, we must expect to see some decrease in the level of discretionary spending, particularly in North America and Europe. Cost reduction is likely to play an important part in operational decision-making. However, we anticipate that there will be continued focus on compliance, process safety and assurance over the coming year. At the same time, demand for energy continues to grow, driven by continued high consumption in developed countries and by remarkable economic growth in China and India. As a result, oil prices are escalating and inflation is increasing around the world. Our clients are considering renewable energy sources and introducing energy efficient processes and equipment to control cost and minimize supply chain risk. ERM’s resource clients are reopening facilities and exploring more remote locations, especially in developing countries. High commodity prices will have a significant impact on all of our clients for the foreseeable future. We expect that an increasing proportion of our work will be in support of energy and mining companies. � ERM Annual Review 2008 01
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